Staude Capital Global Value Fund Ltd · ASX:GVF
Staude Capital Global Value Fund — Global Value Fund — Investor Presentation (November 2016)
24 slides from Staude Capital Global Value Fund's investor presentation, Nov 11, 2016
Slide 1: Global Value Fund Investor Presentation
For personal use only www.globalvaluefund.com.au
Slide 2: Disclaimer
Disclaimer This presentation is made on behalf of the Global Value Fund. The information contained in this presentation or subsequently provided to the For personal use only recipient whether orally or in writing by, or on behalf of Global Value Fund Limited (GVF) or any of its directors, officers,
Slide 3: Agenda
Agenda: For personal use only 1. Key issues driving global financial markets 2. The Global Value Fund 3. New investment management arrangements 4. Performance since IPO 5. Investment portfolio update 1
Slide 4: 1. Key issues driving global financial markets
For personal use only 1. Key issues driving global financial markets 2
Slide 5: The headline issues
The headline issues For personal use only Improving Does “Brexit” global economy mean “Smexit” overshadowed by event risks Trump, Brexit and the populist revolution Important to remember what is already in the price 3
Slide 6: The second page stories
The second page stories For personal use only Expectations for China’s Trump have structural been set very low problems remain “Brexit” symptom of wider EU failings Less clear how markets have priced in these issues 4
Slide 7: A generation being left behind
A generation being left behind For personal use only Unemployment rates of selected countries: 2006 vs. 2016 50% Unemployment July 2006 Unemployment July 2016 45% Youth Unemployment* July 2006 40% Youth Unemployment* July 2016 35% 30% 25% 20% 15% 10% 5% 0% Greece Spain Italy France Germany U.K. U.S.
Slide 8: 2. The Global Value Fund
For personal use only 2. The Global Value Fund 6
Slide 9: The Global Value Fund
The Global Value Fund For personal use only A focus on listed securities which are Our core discount undervalued relative to a defined and observable asset value capture strategy • A discount to “break-up” value targets returns We operate on a Closed-end funds (CEFs) will form the global stage; comp
Slide 10: Gross investment returns since IPO
Gross investment returns1 since IPO For personal use only Attributed by market2, currency3 and excess returns4 45% Market Currency Excess Return 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 1 Gross investment returns refers to the total
Slide 11: 3. New investment management arrangements
For personal use only 3. New investment management arrangements 9
Slide 12: Rationale for change
Rationale for change For personal use only A better structure for our business and our investors Significant changes in the UK regulatory landscape Meaningful change has already taken place, but MiFID II1, which takes effect from January 2018, represents a new step-change. The challenge we faced w
Slide 13: Staude Capital
Staude Capital For personal use only Founded by Portfolio Manager Miles Staude New company has been established with the full support and backing of Metage Capital. GVF portfolio Comprises key members of the Metage team who have managed management team the Global Value Fund investment portfolio
Slide 14: Mirabella Financial Services
Mirabella Financial Services For personal use only Best-in-class compliance and regulatory solution One of the largest regulatory hosts in Europe with assets under management of over A$7.5Bn. Dedicated Mirabella is wholly independent. There are no commercial links regulatory and to the performan
Slide 15: 4. Performance since IPO
For personal use only 4. Performance since IPO 13
Slide 16: Performance since IPO
Performance since IPO For personal use only GVF investment returns & volatility of selected global LICs1 35% 30% Portfolio fully invested 25% Dec 2014 Total Return2,3 20% We seek to generate 15% equity market like 10% returns but with a 5% MSCI AC A$* GVF significantly lower 0% risk profile Jun 14 O
Slide 17: Focus on risk management
Focus on risk management For personal use only Monthly drawdowns and Sharpe Ratios1 1% MSCI AC A$* down months since GVF IPO 0% -1% We seek to generate -2% equity market like MSCI AC A$* GVF** returns but with a -3% significantly lower -4% risk profile -5% 1.5 Sharpe ratio2,3 1 Data source Bloomberg
Slide 18: GVF Reference Index
GVF Reference Index For personal use only GVF investment returns & Reference Index1,2,3 35% Portfolio fully invested Dec 2014 30% Introducing our new reference index 25% 20% 15% 1 Data source Bloomberg LP and 10% Staude Capital. 2 Reference Index is calculated using a weighting of 50% to the MSCI Al
Slide 19: 5. Investment portfolio update
For personal use only 5. Investment portfolio update 17
Slide 20: Investment Portfolio
Investment Portfolio1,2 For personal use only Underlying asset classes Underlying currency exposures Listed Debt EUR 22% Equity Investments 26% 20% USD 41% Cash 1% Real Estate 9% AUD 19% Private Equity 17% Other 12% Hedge Fund Other 12% 15% GBP 6% There are inherent benefits in running a diversified
Slide 21: Case Study: Brexit
Case Study: Brexit For personal use only Opportunities in market dislocation Description Investment Rationale Foreign and Colonial Investment Trust (FRCL) was launched in Following the shock of Brexit sterling plummeted. The price of all 1868 as the world’s first ever investment trust/collective inv
Slide 22: Global Value Fund Limited Company Details
Global Value Fund Limited For personal use only Company Details Structure Listed Investment Company Incorporated Australia Service Providers Investment Manager Mirabella Financial Services Registrar Boardroom Pty Limited enquires@boardroomlimited.com.au Tel no. 1300 737 760 Prime Broker/Custodian Cr
Slide 23: Appendix: Source Data for Slide
Appendix For personal use only Source Data for Slide 7 Youth unemployment is defined as unemployment of those younger than 25 years. Country Youth Unemployment Sources Unemployment Sources Greece National Statistical Service of Greece National Statistical Service of Greece Spain Eurostat. Data point
Slide 24: For personal use only
For personal use only statement? Landline (UK): +44 20 3874 2243 Mobile (Australia): 0423 428 972 miles.staude@globalvaluefund.com.au ir@globalvaluefund.com.au www.globalvaluefund.com.au
Global Value Fund — Investor Presentation (November 2016) on 6ix